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Summary Chapter 27 ~ economics 20th global edition $5.10
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Summary

Summary Chapter 27 ~ economics 20th global edition

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  • Economics
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  • Hogeschool Rotterdam (HR)
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  • Sw: Economics, Global Edition With Connect Plus With Learnsmart 1080 Day Card

Summary is coming from the book, 'Economics 20th global edition'. It is structured per paragraph including images/graphs and the corresponding explanation is formulated in bulled points. Potential formulas are noted down clear

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  • No
  • Chapter 27
  • October 8, 2018
  • 7
  • 2017/2018
  • Summary

Subjects

  • ibms
  • ibl
  • economics
  • economie
  • rbs
  • economics 20th global edition
  • international business management studies

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  • Hogeschool Rotterdam (HR)
  • International Business and Management Studies
  • Economics
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Economics Block 2 Chapter 27 Summary


LO 27.1 Describe the business cycle and its primary phrases
Business cycle:
 Alternatnn increases and decreases in economic actiity oier tme
 Fluctuatons
o Economic shocks
o Prices are ‘stckyy doonoards
o Economic response entails decrease in output and employment
o Fluctuatons in output and employment is caused yy economic shocks
comyininn oith stcky prices
 typical yusiness cycle noes throunh 3 phases:
o Peak  yusiness reached a temporary
maximum
o Recession  period of decline in total output,
income, and employment
o Trounh  recession on the looest leiel
o Expansion  period in ohich GDP, income

Causation: A first glance:
 Irrenular innoiaton  neo product or producton method
 Productiity channes  ohen productiity – output per unit of input- unexpectedly
increases, the economy yooms; ohen productiity unexpectedly decreases, the
economy recedes.
 Monetary factors  ohen a natonys central yank shocks she economy yy creatnn
more money than money than people oere expectnn
 Politcal eients  unexpected politcal eients, such as peace treates, neo oars or
terrorist atacks
 Financial instayility  unexpected fnancial yuyyles (rapid asset price increase) or
yursts (ayrupt asset price decreases) ian spill iie rthe nenetal economy yy expendinn
or contractnn lendinn, and yoostnn or erodinn the confdence of consumers and
yusiness.
o Recession of 2007

Durinn a recession, industries that produce capital noods and consumers durayle normally
suffer nreater output and employment declines tan do seriice and nondurayle consumer
noods industries.
Cyclical impact
 Durayle noods affected most
o Capital noods (housinn, commercial yuildinns)
o Consumer durayles (automoyiles, personal computer)
 Nondurayle consumer noods effected less
o Seriices

, Economics Block 2 Chapter 27 Summary


o Food and clothinn

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